VA home loans are an excellent way to go about getting a house. When you select your bank or credit union, be sure to get pre-qualified, so you know what you can afford. Make sure your buyer's agent (and DO get a buyer's agent; you pay them nothing- they get their commission from the seller) knows your absolute limit, and stick to those guns.
You and you wife should sit down and make a list of what you require in a home, and a second list of things that you'd like (but aren't deal breakers.) Think twice about buying a house with the intention of living in a construction zone while you tweak what you want. That is the best way for Murphy's Law to kick in and you suddenly get swamped with work or you have unexpected relatives staying with you, or something else that puts a halt to your plans.
Plan on spending a few hundred dollars for a good housing inspector. Make sure to do your due diligence in selecting one that is qualified, one that will tell you EVERYTHING they find, and will put it in a report...and most importantly, one that does not live in the same town as where you are buying. I'd even go so far as to stalk them on Facebook and make sure they aren't friends with the seller. We eliminated two housing inspectors based on that alone.
The homeowner may lie his/her ass off as far as known problems of the house. The buyer's agent certainly will; it's in their best interest to say, "not to my knowledge," so they can unload the house as quickly as possible. That's why I write a list of questions to be given to the homeowner: when was the roof last replaced? Have there been permits pulled for construction or improvements? Is there a homeowner's association? Are there covenants associated with the property? Are there easements you need to be aware of? Are you in a location that allows you to discharge a gun? Don't go by what the seller says; find out through the sheriff's department.
When we went home-shopping, I brought a kit with me that I put together myself. I brought a level, to see if the walls and windowsills were plumb. I carried a lighter and would hold the flame near the windows to see if there were any drafts. I took a million photos, and would print them out and put them in an envelope with the listing information and any questions that I had. I brought a 50' tape measure, to measure the rooms and to see if our furniture would fit. Our buyer's agent once made a somewhat-disparaging remark about my questions and my kit and the following day I started to work him like a bitch. This is the biggest investment you'll make. Don't forget who holds the checkbook in this case.
Do not forget the moving costs, the hook-up fees for internet/cable/gas/etc, the fact that you will need time to move in and you'll want to watch the weather- you don't want to move during blizzard season!
Visit the place during different times of the day. You'll want to see if the morning rush hour is so bad that you'll have trouble backing out of your driveway. Will you be near a school? A church? Ask the neighbors if there are noises or activities you should be aware of? (For instance, there is often illegal street racing that takes place in the next-door neighborhood. It's a source of vast irritation to anybody trying to sleep at night along that street.)
A few years ago, I would say not to bid what the seller is asking, but in this market, I would rethink that in specific cities.
Remember you will be responsible for paying mortgage insurance, on top of your mortgage. Also remember as a homeowner, you are responsible for bills that you are not- sewer, water, streetlight fees, taxes, maintenance, etc.
Because of this, I would HIGHLY suggest a homeowner's warranty for the first year. Within a month of us buying our home, our refrigerator and our wall oven died. Three weeks after that, the microwave's circuit board crapped out. Our homeowner's warranty covered all of it.
That's all I can think of for now, although I know there is a lot more. I apologize for the length of the ramble, and wish you luck!
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Originally Posted by TheGrey
